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According to Cointelegraph, Congressman French Hill emphasized the urgent need for a comprehensive cryptocurrency market structure bill in the United States, calling it a "top priority" for the Republican Party. Hill noted that House Majority Leader Steve Scalise plans to introduce this bill within the first 100 days of the upcoming legislative session. He criticized the current regulatory framework under SEC Chair Gary Gensler, stating that the existing approach largely relies on regulation by enforcement rather than clear guidelines. Hill argued that this method hinders America's success and stifles technological advancements, innovation in Web3, and the use of blockchain in publicly traded companies and financial services.
The approval of the market structure bill is seen as an important step towards eliminating the regulatory uncertainty that has plagued the U.S. crypto industry for years. Proponents believe that such legislation could foster innovation in digital assets and prevent crypto firms from relocating abroad. The recent success of the Republican Party in the elections and the resignation of Gensler from the SEC have heightened optimism among industry leaders regarding the future regulation of digital assets in the U.S.
In May, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which proposed a comprehensive regulatory framework for digital assets. However, the bill got stuck in the Senate and did not become law. The FIT21 legislation included provisions for regulating digital assets either under the SEC or the Commodity Futures Trading Commission (CFTC), depending on the level of decentralization of the asset. Reports indicate that elected President Donald Trump is considering giving the CFTC oversight over cryptocurrencies during his upcoming term, potentially classifying most crypto projects as commodities if they meet certain criteria. Trump also nominated pro-crypto advocate Paul Atkins to replace Gensler as SEC chair, citing Atkins' role as co-chair of the Token Alliance of the Digital Chamber as a key factor in his nomination.